Shivsakti Vyapaar Pvt. Ltd. vs Sebi
- CitationAppeal No. 361 of 2024
Ratio decidendi
The rule this decision rests on
The Tribunal condones a delay of 841 days on the appellant's payment of costs of Rs. 25,000, the appellant having shown reasonable cause and the costs being just and reasonable as a condition of condonation. Where the appellant seeks to avail a settlement scheme and the respondent undertakes that it will consider the appellant's case under that scheme if the claim is filed in time, keeping the appeal pending serves no purpose, and the appeal is dismissed on that footing without adjudication of its merits.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of Decision: 10.06.2024
Misc. Application No. 718 of 2024 And Misc. Application No. 719 of 2024 And Appeal No. 361 of 2024
Shivsakti Vyapaar Pvt. Ltd. 28, Armenian Street, Kolkata- 700 001 ...Appellant
Versus
Securities and Exchange Board of India, SEBI Bhavan, Plot No. C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai- 400 051 ...Respondent
Ms. Shreya Khandelwal, Advocate i/b Juris Link for the Appellant.
Mr. Manish Chhangani, Advocate with Mr. Sumit Yadav, Mr. Abhay Chauhan and Mr. Atul Kumar Agrawal and Mr. D Kalyan Reddy, Advocates i/b The Law Point for the Respondent
-SEBI.
CORAM: Justice P. S. Dinesh Kumar, Presiding Officer Ms. Meera Swarup, Technical Member Dr. Dheeraj Bhatnagar, Technical Member
Per: Justice P. S. Dinesh Kumar, Presiding Officer (Oral)
Not on Board. Mentioned today by the appellant.
2. There is a delay of 841 days in the filing of the appeal.
3. Exemption application is allowed. 2
4. Learned counsel for the appellant submits that SEBI has
come out with the Settlement Scheme, 2024 and appellant
desires to avail the same. With regard to delay in filing this
appeal, learned counsel for the appellant submitted that the
same may be allowed by imposing reasonable costs and on
instructions, submitted that appellant is prepared to pay a cost of
Rs. 25,000/-. We find it just and reasonable. In the
circumstances, application for condonation of delay is allowed
subject to payment of Rs. 25,000/- as costs to SEBI. Appellant
has approached this Tribunal to avail the settlement scheme. In
similar cases, SEBI has undertaken to consider the cases under
the settlement scheme. Hence, no purpose would be served by
keeping this appeal pending. Shri Manish Chhangani, Counsel
for SEBI submits that notwithstanding dismissal of this appeal,
SEBI shall consider appellant's case under Settlement Scheme
if it is filed in time. His submission is placed on record.
5. In the result, Misc. Application for condonation of delay is
allowed on payment of costs of Rs. 25,000/-. Appeal is
dismissed. SEBI shall consider the appellant's case under the
Settlement Scheme if claim is filed in time. 3
6. Learned counsel for the appellant submitted that the
scheme is expiring today. The registry shall endeavor to upload
this order during the course of the day. However,
notwithstanding the same, SEBI is directed to consider
appellants case for settlement and we request Shri Manish
Chhangani, learned counsel for the respondent SEBI to convey
this order to the SEBI.
Justice P. S. Dinesh Kumar Presiding Officer
Ms. Meera Swarup Technical Member
Dr. Dheeraj Bhatnagar PRERNA Digitally signed Technical Member 10.06.2024 by PRERNA MANISH MANISH KHARE PK KHARE Date: 2024.06.14 10:56:43 +05'30'
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